Buying first rental property is a daunting task for those who are first time renters. Sometimes individual prefer to take the help of real estate agent for complete purchase of rental property. Condos are low maintenance as condo association help with many external repairs; apart from these single family homes like Granny flat Victoria attract many long term rentals in the form of couples and families. It takes lot of footwork and research to find a home that suits your budgets and needs. There are some things to consider when searching for rental property.
Tips on finding Rental Property:
- Neighborhood- The quality of neighborhood does affect when you buy and influence both tenants and when you face vacancies.
- Property taxes- Paying high house taxes may not be bad if one has excellent neighborhood for long term tenants. As property taxes are not stranded across the board so you have to be cautions how much you will be losing to taxes.
- Schools – Thetenants may have children or planning to have, so they will need a decent place nearby school. If one gets the right property near a school then you need to check quality of the school because it affects value of investment. Prices of property will reflect if the school has good reputation.
- Crime- People will not prefer to live in a place where criminal activity is more. One should thoroughly search for accurate crime statistics for various neighborhoods. Some of the items to look for are serious crimes, recent activity or vandalism rates. One should also check the frequency of police presence on that place.
- Amenities- This is one of the major point to concern the basic amenities should be near your place. You should check the potential neighborhood for parks, malls, public transport hubs, gyms, movie theaters etc to attract renters. With the help of promotional literature one can found or get an idea which place has blend of public amenities.
Features to Consider when Buying Rental Property
Furthermore, there are some more aspects which one can be considered while buying rental property like jobs, as location which has growing employment opportunities does attract more people. Building permit and future development program for this municipal development will have information on any new development in the area. If there are many new malls or business parks in the area it will definitely be good growth area. Rent is also the main bread and butter of any place one needs to know the average rent of the area, so before making a rental commitment one should understand what it involves, so you can absorb all the nifty-gritty terms and rules, physical layout, transportation, proximity of service you need. So you have to do your homework before. Find the best rental sites or use search engine like Hotpads.com which gives information on both for sale home listing and rental. One should know how to work on rental websites and it is important to know which site will help you, beside word of mouth is also powerful from your friends and family members.